Former Pag-Ibig chief seeks probe on bogus loans (11:33 a.m.)

MANILA -- The former president of Home Development Mutual Fund (Pag-Ibig) will help in the investigation to be conducted by Congress on the alleged bogus housing loans of the agency.

Former HDMF president and Chief Executive Officer Romero Quimbo, incumbent congressman of Marikina's second district, plans to author a bill to investigate the issue involving Pag-Ibig and Globe Asiatique Realty Holdings Corporation.

“Yes (I intend to file a bill) with a number of colleagues who were formerly connected with the housing sector including Amado Bagatsing,” Quimbo told Sun.Star in a text message.

Representative Bagatsing (fifth district, Manila) served as chairman of the Housing and Urban Development Coordinating Council (HUDCC).

Quimbo, who served for seven years in Pag-Ibig, said he built the agency to be the most profitable government and Triple A corporation and is saddened by the reported bogus borrowing issue.

“The programs we established were innovative, cutting-edge, and secure. We made sure appropriate measures for check and balance were always in place. I am thus equally curious as to how these reported abuses and fraud happened. I am hopeful it is an isolated incident in Pag-Ibig,” Quimbo said.

“I will be joining the call to investigate the issue and will actively participate in it with the hope that this will not happen again,” he added.

Earlier, Majority Floor leader Neptali Gonzales II and Representative Elpidio Barzaga Jr. (fourth district, Cavite) filed similar separate bills seeking an investigation on the reported fraudulent use of Pag-Ibig funds.

Globe Asiatique Realty Holdings Corporation is reported to have taken out at least P6.6 billion in housing loan proceeds for buyers of its units in housing projects in Bacolor, Mabalacat, and Angeles City in Pampanga. Thousands of the units are reportedly below standard and unoccupied.

Records however show these buyers are fake members or ineligible for Pag-Ibig membership. Others were dead at the time the loans were applied or were not living in the addresses provided. (Kathrina Alvarez/Sunnex)